Singapore: Preserved Sweet Corn Market 2024

Preserved Sweet Corn Market Size in Singapore

The Singaporean preserved sweet corn market rose significantly to $X in 2022, with an increase of 7.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a resilient expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Preserved Sweet Corn Exports

Exports from Singapore

In 2022, shipments abroad of sweet corn prepared or preserved was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, continue to indicate a abrupt slump. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, preserved sweet corn exports soared to $X in 2022. In general, exports, however, recorded a abrupt downturn. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons), the Philippines (X tons) and Brunei Darussalam (X tons) were the main destinations of preserved sweet corn exports from Singapore, with a combined 72% share of total exports. Indonesia, Sri Lanka, Mongolia, Kenya, China, Maldives, Seychelles and Hong Kong SAR lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mongolia (with a CAGR of +10.1%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the key foreign market for sweet corn prepared or preserved exports from Singapore, comprising 48% of total exports. The second position in the ranking was held by the Philippines ($X), with a 21% share of total exports. It was followed by Brunei Darussalam, with a 7.6% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia amounted to -10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-9.1% per year) and Brunei Darussalam (+2.4% per year).

Export Prices by Country

In 2022, the average preserved sweet corn export price amounted to $X per ton, growing by 20% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mongolia (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Sweet Corn Imports

Imports into Singapore

In 2022, the amount of sweet corn prepared or preserved imported into Singapore expanded significantly to X tons, picking up by 13% against the previous year. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 93%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, preserved sweet corn imports skyrocketed to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 115%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Thailand (X tons) constituted the largest preserved sweet corn supplier to Singapore, with a 79% share of total imports. Moreover, preserved sweet corn imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X tons), eightfold. The United States (X tons) ranked third in terms of total imports with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand totaled +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.4% per year) and the United States (-19.6% per year).

In value terms, Thailand ($X) constituted the largest supplier of sweet corn prepared or preserved to Singapore, comprising 75% of total imports. The second position in the ranking was held by the United States ($X), with a 9.6% share of total imports. It was followed by China, with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand totaled +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-16.8% per year) and China (+8.4% per year).

Import Prices by Country

The average preserved sweet corn import price stood at $X per ton in 2022, with an increase of 2.8% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by 11% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :